$440 million of assets have gone missing at Ross Asset Management.
Receivers of the embattled company say the Wellington fund manager appears to have "characteristics of a Ponzi scheme".
Only $10 million of what was supposed to be almost $450 million of investments have been found.
A group representing about 80 percent of those investors has issued a statement saying they can't be sure how serious the problem is and they're hopeful further investigations will uncover more assets.
PricewaterhouseCoopers has identified a further three entities within the Ross Group which they recommend should be considered part of the receivership.
Photo: NZ Herald